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From Chicago, TWO BANK FAILURES REPORTED. CHICAGO, Sept. 26. The Second and the Manufacturers' National Banks have failed. STILL MORE SUSPENSIONS. The Cook County National Bank has suspended. Three other National Banks havealso suspend ed.
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List of the Failed Banks. CHICAGO, Sept. 26. The following is it correct list of banks which have suspended in this city: Union National Bank, Cooke County National Bank, Second National Bank. Manufacturers' National Bank. and National Bank of Commerce.
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A Better Look There seems to be a more hopeful financial feeling in New York and Chicago. The Union National and the Cook County National resumed this morning. The Union National is the bank with which the First National in this city does business and of course that releases their balances SO they can be used. Mitchell & Lynde do business with the First National, in Chicago, and that bank did not suspend at all. The Third National, in Chicago, has suspended. That is the bank with which the Rock Island National does business-but it is believed to be a perfectly sound institution, and the suspension is thought to be merely temporary. The question is being raised as to the effect of these suspensions. It is held by some that it vitiates their organization and will compel them to wind up, if prosecuted. But we presume no one will be technical if they resume very soon. The Moline National (Wheelock's bank) has got the "age" of all of them in this county, for that institution never suspended at all.
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LIST OF FAILED BANKS.-Chicago. Sept. 26.-The following is a correct list of banks which have suspended in this city; Union National Bank, Cooke Couny National Bank, Second National Bank, Manufacturers' National Bank of Com. merce.
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Prospects in Chicago. RESUMPTION OF SUSPENDED BANKS. CHICAGO, Sept. 29. Financial prospects in this city this morning are decidedly brighter. Union National, Cook County National and National Bank of Commerce, opened their doors and resumed business at the usual hour this morning, and although they have paid out considerable money, there is nothing that can be called a run upon either of them, while there have been considerable deposits made. The influx of currency from New York and from the country continues to be larger -not less than three millions having been received during Saturday and Sunday. Of this incoming currency a good proportion goes directly into the banks and the rest into the hands of commission merchants for the purchase of grain by outside parties. But it all tends to relieve the present stringency. So tar as can be learned there is no urgent demand from country banks upon their correspondents here, and in all quarters confidence appears to be returning. This view of the situation is based upon interviews with a number of prominent bankers and business men.
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certifica cneck plan has been adopted for large sums. Confidence Returning in Chicago. CHICAGO, III., Sept. 29, 1873. The financial prospects in this city this morning are decidedly brighter. The Union National, the Cook County National and the National Bank of Commerce opened their doors and resumed business at the usual hour this morning, and although they have paid out considerable money there is nothing that can be called a run upon either of them, while there have been considerable deposits made. The influx of currency from New York and from the country continues to be large, not less than $3,000,000 having been received during Saturday and Sunday. Of this incoming currency a good proportion goes directly into the banks and the rest into the hands of commission merchants for the purchase of grain by outside parties. But'it ail tends to relieve the present stringency. So far as can be learned there is no urgent demand from country banks upon their correspondents here and in all quarters confidence appears to be returning. This view of the situation is based upon interviews with a number of prominent bankers and business men.
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LAWRENCE, KS. Special Dispatch to The Chicago Tribune. LAWRENCE, Ks., Sept. 20.-Financial matters are looking brighter. The news of resumption by the Chicago banks is hailed with delight. Our banks have paid without suspension through the panic.
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SAN FRANCISCO. Special Dispatch to The Chicago Tribune. SAN FRANCISCO, Sept. 20.-To-day was devoted almost exclusively to collections and legitimate channels, and the result inspirod confidence. Tho resumption of business by the Chicago banks was the subject of much congratulation, showing the panic had no serious effects on Western finance and stability. This, with the promptness with which to-day's matured obliga- tions were mot, has reopened the current of exchange, which resumed with some briskness. Coin drafts on New York sold at ¾ to 1 por cent; telegraphic transfers at 2 por cent. The panic has fully demonstrated the unadvisability of stock speculations. Capitalists are more unwilling than ever to invest in outside real estate, preferring legitimate enter- prises and staple products. The panic is charged
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SUSPENSION OF THE CHICAGO BANKS. - A A telegram received Saturday from Chicago announces that all the banks in that city have suspended.
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There has been a gradual but decided improvement in financial matters during the last week. On Saturday, in New York and Philadelphia, confidence had-been largely restored and business was moving with almost its accustomed activity. It now appears that the worst effects of the panic have been limited to banking and speculative interests, and to those branches of manufactures that depend upon railroad enterprises for most of their work. These have had a pretty hard time, and many fortunes have been lost or greatly impaired. But the dealers in produce and general merchandise seem to have lost little of their trade, and as currency gets into circulation again they resume their usual business. The agricultural interests of the country have suffered little or nothing. The panic of course could not effect the amount of their products, and it has not perceptibly changed the market rates. Prices are certainly not tending downward, nor are they likely to do so. Thus the farmer, who apparently makes money slowly, is shown to be engaged in the safest of all occupations. The New York and Philadelphia banks have not yet fully resumed the payment of currency to their depositors. Those in Chicago and Cincinnati have done so, while the banks of Pittsburg never suspended. As soon as the eastern instituti ons redeem their obligations, as they must do at an early day, the usual current of affairs will be promptly resumed.
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LAST EDITION. BY TELEGRÅPH. Bank Suspension. CHICAGO, Jan. 19.-The Cook County Mational bank of Illinois in this city suspended payment yesterday.
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MISCELLANEOUS. NFW YORK, Jan. 19.-Moulton's cross-examination in the Beecher trial was continued to-day. Chicago, Jan. 19.-Cook & Sons' National Bank suspended owing to the non-receipt of expected aid. Depositors are assured that their payment in full is only a question of time.
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THE CHICAGO BANK SUSPENSION. THE COOK COUNTY NATIONAL BANK GOES INTO VOLUNTARY LIQUIDATION - UNCOMMERCIAL CHARACTER OF ITS BILLS RECEIVABLE-ITS SECURITIES NOT READILY NEGOTIABLE. CHICAGO, Jan. 19. - The decision of the stockholders of the Cook County National Bank of Chtcago, Monday evening, to go into voluntary liquidation has excited no surprise in business circles in this city. It has long been believed to be in an unsound condition, and its failure endangers no interest here. What the effect on the State National Bank of Des M ines may be is uncertain. Mr. Allen's present banking house in Des Moines closed its doors to-day, and the New-York house, Allen, Stephens & Co., is thought here to be in a dubions condition. The value of the assets of the bank cannot be determined until the Government examiner has concluded his investigations. Its deposits have run down from $1,150,000 at the date of its last statement, Dec. 31, 1874, to about $850,000, or about $300,000 in a fortnight. About $400,000 is due to Iowa bankers. and about $200,000 to city depositors. The immediate cause of the suspension is said to be the refusal of the Charter Oak Life Insurance Company to allow the bank to continue to draw on It for advances promised on the security of Iowa mortgages. Senator Logan was a stockholder in the bank, and it was made a Government depository for $150,000, but it never realized what was expected from its political connections. The bank has had some newspaper affiliation, that were unprofitable. It was also associated with railway speculations, and the disastrous corn corner of last Fall, and in general the management showed an unsafe tendency to go outside of regular banking operations. Mr. B. F. Alten, its President, QWNS most of the stock of the bank, and intends to devote as much as necessary of his private fortune to paying off the depositors. He has had the reputation of being worth $3,000,000 or $4,000,000, but this is now believed to be far boyond the mark. His means are almost all in mortgages on Iowa lands, in Iowa lands, and in is vast miscellany of speculative stocks and bonds. The bank was seriously hurt by the panic, and has failed to recover, owing to the uncommercial character of its bills receivable, and the unnegotiable character of its securities. The great bulk of its capital and deposits are probably in such securities. Tue notice posted on its doors informs the public that it is owing to non-receipt of promised and expected aid that the shereholders have voted to go into liquidation under the National Currency act. Depositors are assured that their payment in full 18 only & question of time. DES MOINÉS BUSINESS MEN EXPRESS CONFIDENCE IN MR. B. F. ALLEN. CHICAGO. Jan. 19.-A special dispatch from Des Moines, Iowa, says a meeting of business men of that city to-day adopted resolutions expressing entire confidence in the ability of Mr. B. F. Allen, President of the Cook County National Bank, to pay all creditors of these institutions. Mr. Allen is a gentleman possessed of large personal wealth. having, it is stated, in addition to other property, 60,000 acres of valuable land in Iowa, entirely clear of incumbrances, and it is confidently asserted by those in a position to know that no creditor of the bank of which he was President will lose a dollar.
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One hundred and fifty of the business men of Des Moines publish a card in the State Register stating that they "have entire confidence in the business capacity, integrity, and individual solvency" of B. F. Allen, President of the suspended Cook county National Bank, of Chicago.
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The Cook County National Bankof Chicago, of which B. F. Allen, formerly of Des Moines, was President, gave notice of suspension and going into liquidation under the National Banking law, on the 19th. Mr. Allen owned two-thirds of its stock. He assures his depositors that they will be paid in full. He has since resigned the Presidency of two banks at Des Moines.
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quantities of securities in New York, including B large amount of Rock Island stock, of which he was a heavy owner. By these moans he RAISED ABOUT $700,000, which ho paid over to the Court in August, 1873. llo WAN compelled to ask for time on the balance, which ho promised to pay on the following April, The panic intervened. The Cook County shut its doors, but reopened, a course which Mr. Allen considere his great and irretriovable blunder. Ho was pressed now in every direction. The debtors of the bank were unable to meet their paper. 111A real estate became for the time unsalable. When April came, and pay-day with it, he was compelled to inform the Court that ho was unable to pay the balanco of about $100,000. There could be no release from the strict fulfillment of his daties under RO imporative a trust, however, and by recourse to every imaginnble device. Mr. Allen WAR enabled in May, 1874, to discharge the last of his indebtedness under his trust, excepting about $4,000. In briof, within one year after taking the Cook County National Bank, Mr. Alien 1111expectedly to himself, was forced to repay a sum of NOT LESS THAN $1,100.000, principal and interest, which he had handled since 1867 as Receiver for the bondholders and stockholders of the Mississippi & Missouri River Railroad. Whether he used the trust fund to buy the bank or used the bank to repay the trust fund, it cannot be doubted that in this history lies the secret of much of the trouble that has brought the Cook County National Bank to insolvency.
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The Cook County Bank. CHICAGO, Jan. 28 - A Wa-hington special says the Comptroller, having received a report from Bank Examiner Spink, in regard to the condition of the Cook County National Bank, has appointed A. H. Burley receiver of that bank.
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LAST EDITION. BY TELEGRAPH. Philadelphia, May 18.-The suspension of Chandler, Hart & Co,, one of the largest boot and shoe firms of this city, is announced to-day. Their liabilities will amount to $125,000. WASHINGTON, D.C., May 18.-The National Lodge Knights of Pythias is now in session here, representing thirty-four State jurisdictions. It is presided over by Supreme Chancellor Davis. TYRONE, PA., May 18.-Mingo Parks, the leader in the present mining disturbances here, has fled the country to avoid arrest.-Several boxes of arms and ammunition passed through here yesterday for Clearfield county. LONDON, May 18-The City and County Bank of London suspended payment today. The failure is not regarded na important, and created no excitement. The paid-up capital of the bank is £28,000.The Erie. Railroad report was published here to-day. NEW YORK, May 18.-There are rumors to-day that frauds in importations of crape and mourning goods have been discovered, having extended. through the past two years. An appraiser in the Department of Customs in this city and one of the examiners has resigned. WASHINGTON, May 18.-A Havana letter states that highway robbèries and murders are S0 frequent lately in the streets of that city, that the acting Captain General, who was himself robbed in the street, of his watch and jewelry, worth fourteen hundred dollars, has ordered all culprits hereafter to be tried by military authorities. MEMPHIS, May 18.-Major John Pressley Strange, for many years a leading dry-goods merchant of this city, and during the late war Adjutant General on the staff of Lieut. Gen. Forrest, died last night, of consumption, aged 53 years. His death has cast a gloom over the city, as few men were so universally admired and respected as was the deceased. CHICAGO, ILL., May 18.-The published statement of the National Banks in this city show' that there has been an increase of $3,600,000 in the loans, and an increase of $186,000 in the deposits, also an increase of the capital surplus of $125,000 since March 1st. There has been an apparent decrease of capital during the year of $404,000, owing to the closing up of the Cook County National and Mechanics' National.
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The Receiver of the Cook County National Bank, which closed its doors in January of 1875, has just made a detailed statement of its condition, from which it appears that the assets are valued at $345,64S, while the admitted liabilities amount to $948,650. The disputed liabilities are $1,281,429, and the assets held as collaterals are estimated at BCSS,081. The real estate is valued at a low price, but its character is such and it is so incumbered that it will not sell at the valuation put on it at present.
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THE Chicago Tribune says the receiver appointed, has completed his examination into the affairs of the Cook County National Bank, of Chicago, and finds its liabilities to exceed its assets by $1,496,348. That paper also states that Mr. B. F. Allen's homestead in Des Moines will also be taken into account among his assets. He claims it to be exempt on the ground that he had never lost his residence in Iows, and that the homestead is therefore exempt. It is alleged, however, that he voted in Chicago in 1874, and. that not being registered, he swore in his vote.
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Indicted for Perjury and Frand. CHICAGO, April 23. - The grand jury of the Criminal Court found indictments against B. F. Allen, late President of the Cook County National Bank for perjury and fraud. Allen was before the grand jury to-day testifying against Blennerhasset, Stephens & Co., who it is claimed were cognizant of all the movements made by Allen's bank. His testimony was corroborated by receiver Bayler and Mr. Cleveland.
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Biennerhasseit Indicted. CHICAGO, April 30.-The indictment of Mr. Blennerhassett, of the New York firm of Blennerbasset & Stephens, for perjury in connection with the Cook County National Bank affair. contains two counts. and if is the charges are proved. the maximum punishment $2.000 the and imprisonment with hard labor for five years B. F Ailen of Des Moines and Burley, receiver of the bank, are the chief witnesses against him.
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A Savings Bank Panic. CHICAGO. Aug. 29. It is feared the failure of the state savings bank will cause a general run ( n savings banks, and that fully six more suspenei na will occur this week. An Elkhorn, Wis., dispatch charges that President Spencer of the state savings institution was cashier of the Elkhorn bank when it failed, and embezz ed its funds, and was sub equently id ntified with the Cook county national bank of Chicago, which failed disastrously a few years ago. The assets of the state savings institution are now placed at $3 050 947.
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U. S. SUPREME COURT. A Batch of Opinions of Interest to National Bank Officers and Assessors. WASHINGTON, March 2.-The following opinions have been rendered by the supreme court: No. 270-The Central Trust Company, New York, receivers, etc., appellant, vs. the First National Bank of Wyandotte. An appeal from the eircuit court of the United States for the northern district of Illinois. This was a suit brought by the Wyandotte bank to recover possession of a certain note for $5,000 with collaterals given by it to the Cook County National bank of Chicago, and by the latter transferred in violation of an agreement with the Wyandotte bank to the New York State Loan & Trust company, of which plaintiff in error is receiver. This court holds First-That as between the complainant and the Cook County bank there is a prefect defense against the note to the extent of $4,868, which amount stood to the credit of the Wyandotte bank on the books of the Cook County bank at the time of the latter's failure. Second-That plaintiff in error can claim no more or greater right than the Cook County bank had, and that complainants are therefore entitled to a return of the note and collaterals on the payment of the sum of $132. The decree of the lower court is therefore affirmed, with costs.
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A BANK WRECKER RETURNS. D. D. Spencer Returns to Chicago After an Absence of Thirteen Years. CHICAGO, March 17.-D. D. Spencer, to whose bad management was attributed the ruin and misery which followed the collapse of the Cook County National Bank and the State Savings Institution in 1877, arrived in Chicago after an absence of over 13 years. As a banker Spencer's career is without a parallel in the history of Chicago and almost of the entire country. In the ruin of the institutions which collapsed under his management, the savings of many hundreds of people were swallowed up, and widespread misery were entailed. As President of the State Sayings Institution he loaned immense sums to himself on promissory notes and worthless paper, with the result that the institution soon went down. The Cook County National Bank had failed in the panic 0! 1872. Just before the crash of the State Savings Institution Spencer absconded and located in Stuttgart, Germany, where he has lived since that time until recently, when he returned to this country. The indictments which were found against him at the time of the failure have long been stricken from the docket.